Strategic Financial Concepts LLC Acquires New Position in SoundHound AI, Inc. (NASDAQ:SOUN)

Strategic Financial Concepts LLC acquired a new stake in SoundHound AI, Inc. (NASDAQ:SOUN) in the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund acquired 10,416 shares of the company’s stock, valued at approximately $207,000.

A number of other institutional investors have also recently made changes to their positions in the business. State Street Corp grew its holdings in shares of SoundHound AI by 0.6% in the third quarter. State Street Corp now owns 7,197,414 shares of the company’s stock valued at $33,540,000 after purchasing an additional 42,869 shares in the last quarter. Geode Capital Management LLC grew its holdings in shares of SoundHound AI by 9.1% in the third quarter. Geode Capital Management LLC now owns 7,193,599 shares of the company’s stock valued at $33,529,000 after purchasing an additional 602,311 shares in the last quarter. Charles Schwab Investment Management Inc. grew its holdings in shares of SoundHound AI by 7.9% in the third quarter. Charles Schwab Investment Management Inc. now owns 2,582,206 shares of the company’s stock valued at $12,033,000 after purchasing an additional 189,109 shares in the last quarter. Carnegie Investment Counsel grew its holdings in shares of SoundHound AI by 9.1% in the fourth quarter. Carnegie Investment Counsel now owns 982,050 shares of the company’s stock valued at $19,484,000 after purchasing an additional 82,300 shares in the last quarter. Finally, Oriental Harbor Investment Fund acquired a new position in shares of SoundHound AI in the fourth quarter valued at approximately $8,964,000. Institutional investors and hedge funds own 19.28% of the company’s stock.

Analyst Upgrades and Downgrades

Several research firms have commented on SOUN. Barclays reiterated a “neutral” rating and set a $7.00 price target on shares of SoundHound AI in a report on Wednesday, November 13th. Wedbush boosted their price target on shares of SoundHound AI from $10.00 to $22.00 and gave the stock an “outperform” rating in a report on Monday, December 16th. HC Wainwright reiterated a “buy” rating and set a $26.00 price target on shares of SoundHound AI in a report on Monday, January 13th. LADENBURG THALM/SH SH reiterated a “neutral” rating and set a $7.00 price target on shares of SoundHound AI in a report on Wednesday, November 13th. Finally, Northland Securities boosted their price target on shares of SoundHound AI from $6.00 to $8.00 and gave the stock a “market perform” rating in a report on Tuesday, January 14th. Three equities research analysts have rated the stock with a hold rating and four have given a buy rating to the company’s stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $12.36.

SoundHound AI Stock Up 1.2 %

SOUN stock opened at $13.97 on Thursday. The company has a fifty day moving average price of $16.66 and a 200 day moving average price of $9.41. SoundHound AI, Inc. has a 12 month low of $2.08 and a 12 month high of $24.98. The company has a market cap of $5.49 billion, a price-to-earnings ratio of -38.81 and a beta of 2.56. The company has a debt-to-equity ratio of 0.13, a current ratio of 2.58 and a quick ratio of 2.58.

SoundHound AI (NASDAQ:SOUN) last released its quarterly earnings results on Tuesday, November 12th. The company reported ($0.06) EPS for the quarter, beating the consensus estimate of ($0.07) by $0.01. SoundHound AI had a negative net margin of 163.58% and a negative return on equity of 55.58%. The firm had revenue of $25.10 million during the quarter, compared to the consensus estimate of $23.02 million. During the same quarter in the prior year, the firm earned ($0.09) EPS. SoundHound AI’s revenue for the quarter was up 88.7% on a year-over-year basis. Sell-side analysts expect that SoundHound AI, Inc. will post -0.38 earnings per share for the current year.

Insider Activity at SoundHound AI

In related news, CTO Timothy Stonehocker sold 34,407 shares of the company’s stock in a transaction on Friday, December 20th. The shares were sold at an average price of $20.30, for a total value of $698,462.10. Following the completion of the sale, the chief technology officer now owns 796,581 shares in the company, valued at $16,170,594.30. This represents a 4.14 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Lawrence Marcus sold 30,000 shares of the company’s stock in a transaction on Thursday, November 21st. The stock was sold at an average price of $7.15, for a total transaction of $214,500.00. Following the transaction, the director now owns 178,117 shares of the company’s stock, valued at approximately $1,273,536.55. The trade was a 14.41 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 2,782,918 shares of company stock worth $45,391,343 in the last 90 days. 12.28% of the stock is owned by insiders.

About SoundHound AI

SoundHound AI, Inc develops independent voice artificial intelligence (AI) solutions that enables businesses across automotive, TV, and IoT, and to customer service industries to deliver high-quality conversational experiences to their customers. Its products include Houndify platform that offers a suite of Houndify tools to help brands build conversational voice assistants, such as Application Programming Interfaces (API) for text and voice queries, support for custom commands, extensive library of content domains, inclusive software development kit platforms, collaboration capabilities, diagnostic tools, and built-in analytics; SoundHound Chat AI that integrates with knowledge domains, pulling real-time data like weather, sports, stocks, flight status, and restaurants; and SoundHound Smart Answering is built to offer customer establishments custom AI-powered voice assistant.